Hebrew-langauge portal

Start

lost NIS 5.7 million in 2000 and posted ad-based revenues of just NIS 300,000.

The figures appear in the 2000 financial statement published by Zeevi Computers & Technology.

Zeevi owns 55% of Start-Net, which controls the Start portal. Zeevi acquired the stake for $762,500, in a deal valuing the portal at $1.38 million.

Two weeks ago Start portal CEO Erel Ben Zadok told TheMarker.com that for 2001 the company will be able to report monthly turnover of $30,000, more than four times its monthly turnover in 2000.

During 2000, the report reveals, Start made revenues of only NIS 300,000, or NIS 25,000 a month.

Ben Zadok said that the portal increased its monthly revenues five-fold in the first months of 2001.

If accurate, Start is an anomaly in the local market, where leading portals

Walla

and

Nana

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are reporting a steep decline in revenues from ads.

Start sources explains that it recruited key workers, some from Walla. This boosted its sales to a "normal" rate. "No reason why Walla should sell ads for $150,000 a month and ourselves sell for $30,000," the source said.

Start is carrying debt of NIS 3.3 million, of which NIS 600,000 has to be paid back in the coming year, and the rest in the long term. The company's asset value is NIS 400,000. Zeevi Computers has pledged to lend Start $1.7 million.

Start employees have developed software to enable portals to be launched in any language within mere days. So far one buyer has been found, in the Czech Republic.

The Start portal was founded by Ran Enoch and Ofir Zwebner and has nine workers. Enoch and Zwebner have a 40% stake in the portal, and the workers own 5%.

Another interesting item in the Zeevi Computers report refers to

Cimatron

(Nasdaq:CIMT), in which Zeevi Computers has a 64.3% interest.

On paper Cimatron lost NIS 31 million. The company develops software to make the processes of manufacturing cars, plastics and electronics more efficient.

Zeevi Computers recorded a NIS 52.7 million investment in Cimatron, against its market value of NIS 21.5 million in December 2000.

Today, Cimatron's market value is just $7.5 million. Its share price is only 94 cents, a long way down from the $4.1 peak.

On February 13, the company announced that Nasdaq will delist it from the National Market because of its low market cap, under Marketplace Rule 4450(a)(02). The Nasdaq notice shifts the company to the Nasdaq SmallCap Market.